BUENOS AIRES — The initial public offering for Argentina’s biggest media conglom Grupo Clarin is due to close on Thursday after a week.
Clarin intends to sell 50 million shares, or 17.5% of its capital, on the Buenos Aires and London stock exchanges for between 28 pesos and 35 pesos ($8.88-$11.10) to raise up to $555 million to fund expansion.
The company is investing $500 million through 2010 in digital channels, broadband infrastructure and the introduction of voice services through its cable networks Cablevision and Multicanal.
The conglom, which is 82% owned by directors Ernestina Herrera de Noble, Hector Magneto, Jose Aranda and Lucio Pagliaro and 18% by New York investment bank Goldman Sachs, has interests in film production, TV broadcasting and production, sports programming and print media.
Its associate producers are behind hit TV programs like teen telenovela “Patito feo” and revenge thriller “El hombre que volvio de la muerte” (The Man Who Came Back From the Dead).
Clarin is set to make $1.14 billion in revenue this year, according to market estimates.